Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

GM!

Today's top news:

• Crypto majors stage huge rally as rate hike odds cool; BTC +5% to $81.3k
• HYPE, ZEC, and LIT all hit new ATHs as alts soar
• BTC ETFs see $730M in net inflows, biggest since January
• AMC CEO calls out Robinhood tokenized stocks, Vlad replies and MEME soars
• PONS hits $500M on new daily high in revenue

📈 Crypto Stages Major Rally on Rate Hopes and Weaker Dollar

Bitcoin reclaimed $80,000 and pushed past $81,100, the Dow added 453 points, and more than 119,000 traders were liquidated for over $500M. The BTC ETFs took in $731M in net inflows, their biggest day since January—a signal that institutional appetite, which cooled after January's record-setting inflow streak, may be returning.

Where Bitcoin led, everything else followed. XRP led the majors at 7.8%, BNB and Solana each added roughly 5%, and Ethereum climbed 4.7% to $2,497. Zcash jumped 18% to $1,000, setting a new all-time high. Further down the risk curve, the moves were even more pronounced. PONS ran 56% and is up 3,001% over 30 days. Lighter added 16.8% (also a new ATH), Ethena 13.6%, Arbitrum 12%, and SPX6900 13.2%.

Twenty-four hours of gains erased a week of damage, though the market is not out of the woods yet. Fed Governor Waller has given a conditional answer on data that hasn't printed yet, and rate hike odds remain a coin flip at 50.4%. The August jobs report lands this morning—the last major release before the September 15-16 meeting—and its results will likely dictate whether this rally continues over the next few weeks. Rate expectations have become crypto's dominant macro driver this cycle: when policy is seen tightening, risk assets like Bitcoin have tended to sell off with equities, and when those odds ease, capital rotates back in—which is broadly what Thursday's across-the-board rally reflected.

If today's jobs report holds no bad surprises, conditions may be smoother for at least the next two weeks. Bulls argue the market is set up for a potential risk-on rally into November. We will find out very soon…

🌎 Macro Crypto and Markets

• Crypto majors were firmly green, up 4-6%; BTC +4% at $81.3k; ETH +5% at $2,526; SOL +4% at $104; HYPE +7% at $87
• Top alt movers include PONS (+35%), DASH (+24%) and SPX (+23%)
• HYPE hit a new ATH at $87, LIT hit a new ATH at $4.70, and ZEC hit a new ATH over $1,000 as alts had a massive day
• Oil -2% at $91; Gold +1% at $4,510
• Stock futures are mixed ahead of this morning's jobs report; DOW -0.1%, Nasdaq +0.5%
• The CFTC asked a judge to toss CME's lawsuit over its approval of Kalshi's Bitcoin perpetual contract, calling it "much ado about nothing" and arguing CME can list the same product itself. The dispute is part of a broader turf war over who regulates crypto derivatives—CFTC-regulated venues versus exchanges like CME—as prediction-market platforms expand into leveraged crypto products
• Polymarket launched Polymarket Perps with up to 20x leverage on crypto, stocks, commodities and more
• Coinbase filed two SEC notice registrations to bring single-stock perpetual futures to US traders
• Standard Chartered began offering institutional Bitcoin and Ethereum spot trading through its Dubai branch
• SoFi and Kraken parent Payward linked up to put Kraken on SoFi's round-the-clock dollar settlement network, list SoFiUSD on the exchange, and route SoFi crypto trades through Kraken Prime
• Bitget CEO Gracy Chen said she's in talks with BlackRock and other Wall Street firms about distributing tokenized ETFs across Asia, where roughly half of the exchange's 125 million users sit

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $730M in net inflows on Thursday; the ETH ETFs saw $141M in inflows, extending a 3-week green streak

Meme Coin Tracker

• Meme leaders were green up 2-7%; DOGE +6%, SHIB +3%, PEPE +6%, PENGU +7%, TRUMP +6%, SPX +22%
• AMC CEO Adam Aron called Robinhood's stock tokens "contemptible, outrageous, and vile," saying the theater chain has no connection to tokens tracking its share price and is putting outside securities counsel on it. That drew a response from Vlad Tenev—"What's the concern?"—which sparked a massive meme rally. The spat highlights a still-unresolved question around tokenized stocks: whether tokens tracking equities require the underlying company's participation or authorization
• Robinhood chain leaders were very green as PONS soared 30% to $500M but pulled back as new runner MEME ran 260x to $100M in just a few hours; Cinema +13x, Fatcoin +37x and Concern +15x were other movers
• Solana was led by Useless +70%, Troll +80% and ZCAT +500%; Ansem +5% at $250M
• Binance listed Marscoin for spot trading, which led to it jumping 60% to $180M, with several other BSC tokens soaring in the wake

💰 Token, Airdrop & Protocol Tracker

• Uniswap announced its purchase of PONS tokens to "deepen alignment," which led to PONS soaring to $500M
• Hyperliquid is testing HIP-3, an optional layer letting market deployers run onchain whitelists that restrict who can trade specific markets
• Robinhood Chain did $4M in chain revenue again on Thursday
• PONS hit another new ATH in daily revenue with $1.26M

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks -1% at 30.8 ETH, BAYC +2% at 7.57 ETH, Pudgy -2% at 3.8 ETH
• Argonauts (+25%), Identity MD (+20%) and Chubbicorns (+50%) led top movers